Nigeria: Senator Questions Tinubu's Fresh Loan Request, Use of Previous Borrowings

What the report says

A Nigerian senator has questioned President Bola Tinubu’s latest request for new external borrowing, raising concerns about how earlier loans were used and why some contractors still have not been paid. The comments came from Victor Umeh, who represents Anambra Central, during an appearance on Channels Television’s Politics Today, as reported by Premium Times and distributed by AllAfrica.

Tinubu’s letter, read in the Senate by President Godswill Akpabio, seeks approval for external loans of $20.52 billion and €1.045 billion under the 2026-2027 supplementary borrowing plan. The government says the funds would support infrastructure, agriculture, health, education, water supply, security, job creation and financial reforms, and help close a funding gap tied to Nigeria’s development needs.

Umeh argued that lawmakers have already approved large borrowing packages in the past, but that some budgets remain underfunded and capital-project contractors are still waiting for payment. He said the pattern raises basic questions about where the borrowed money went. He also suggested the new request is likely to pass, given the ruling party’s numbers in the chamber.

The Senate referred the proposal to committees on local and foreign debts and appropriations, which were told to report back within a week. The article places the debate against a broader backdrop of concern over Nigeria’s rising public debt and debt-servicing pressures, while noting that the administration says borrowing remains necessary for infrastructure and other development priorities.